| SUBSEQUENT EVENTS |
NOTE 8– SUBSEQUENT EVENTS: | a. | On June 22, 2026 (the "Execution Date"), the Company entered into an Exclusive License Agreement (the "Haisco Agreement") with Haisco Pharmaceutical Group Co., Ltd. ("Haisco"), pursuant to which Haisco granted the Company an exclusive, worldwide license (excluding Greater China, and, with respect to one of the two licensed compounds, also excluding India and certain Southeast Asian territories) to develop, manufacture, and commercialize two clinical-stage drug candidates: NXP100 (HSK39297, a Factor B inhibitor), and NXP200 (HSK42360, a BRaf paradoxical breaker inhibitor). |
The Haisco Agreement was subject to a financing condition. It did not become effective until July 1, 2026, when the Company’s public offering was completed thereby satisfying the financial condition. Under the terms of the Haisco Agreement, the Company was obligated to pay Haisco a one-time, non-refundable, non-creditable upfront payment of $20.0 million within 15 days following the achievement of the financing condition, which was paid by the Company subsequent to the closing of the July public offering. | a. | On July 1, 2026, the Company completed a public offering pursuant to which the Company agreed to sell 5,000,000 shares of common stock at a public offering price of $20.00 per share (gross proceeds received $100 million, before deducting underwriting discounts and expenses and other offering expenses), pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-293459) and a related prospectus supplement filed with the Securities and Exchange Commission on June 30, 2026. The underwriters were also granted a 30-day option to purchase up to an additional 750,000 shares, which was exercised in whole on July 29, 2026. The offering resulted in total net proceeds to the Company of approximately $106.3 million, after deducting underwriting discounts, commissions and estimated offering expenses payable by the Company. |
As a result of this offering, the Company's shares of common stock outstanding increased from 26,694,828 shares as of June 30, 2026 to approximately 32,581,533 shares as of July 31, 2026. The Company expects the net proceeds to strengthen its liquidity position and extend its cash runway materially. It intends to use the proceeds to fund license fee payments, clinical development costs, manufacturing, and general corporate purposes.
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